comprises:

ownership/management:

safety:

As in previous years, there were no fatalities and the DIIR remained at zero for FY2014

resources and reserves:

Not applicable

refining:

Concentrate produced is sold to Anglo Platinum’s RPM, with which there is a profit-sharing agreement

about platinum mile

Platinum Mile is a tailings retreatment facility adjacent to the Kroondal mine on Anglo Platinum’s RPM, in which Aquarius has a 91.7% stake. This facility provides a consistent source of profitable low-cost ounces.

operations

With the resumption of the supply of feedstock from Anglo Platinum, Platinum Mile production has been building up in the first half of FY2015. This followed the end of the five-month strike at Anglo Platinum. Production is expected to continue rising as the plant reaches capacity.

Also aiding production is the successful commissioning of the R26 million ($2.5 million) coarse grinding expansion. Three additional mills were installed on budget and on time and are delivering to specification. This expansion is expected to increase recoveries by 15% to 20% and to yield an additional 600 PGM ounces a month.